Slate Retail REIT (the "REIT") (TSX: SRT.U / SRT.UN) today announced that it has entered into a binding agreement to purchase Plaza St. Clair, an 80% occupied, 97,459 square foot grocery-anchored shopping centre located in Fairview Heights (St. Louis MSA), Illinois for U.S.$7,200,000 million (U.S. $74 per square foot). The property is anchored by Schnucks, one of the largest privately held food retailers in the United States. The acquisition is expected to be completed in second quarter 2015 and remains subject to customary closing conditions.

About Slate Retail REIT

Slate Retail REIT is an open-ended real estate investment trust focused on U.S. grocery-anchored real estate. The REIT's portfolio includes over 40 properties located primarily across the top 50 U.S. metro markets. The REIT is focused on maximizing value through internal organic rental growth and strategic acquisitions. For more information, please visit www.slateretailreit.com.

For further information:

Blair Welch
Partner & Co-Founder,
Slate Asset Management L.P.
+1 416 644 4267
blair@slateam.com

Brady Welch
Partner & Co-Founder,
Slate Asset Management L.P.
+1 416 644 4263
brady@slateam.com